Concerning Joyce's "Araby," I suggest that the climax of the story occurs when the boy, the narrator, decides not to buy a gift for Magnan's sister at the bazaar.

The young boy confuses secular and religious issues and confuses Magnan's sister with the Virgin Mary. She is purity and holiness and he is obsessed with her. But when he arrives at the bazaar, its appearance, the trivial conversation he hears, and, possibly, the commercial nature of the bazaar lead him to an epiphany. He realizes that the conversation he had with Magnan's sister, during which he promises to buy her a gift at Araby, was just as trivial and was just as much small talk as the conversation he overhears. And he realizes that the girl is just a girl.

Therefore, everything leading up to the climax is the rising action, and everything that follows it is the resolution, including his "announcement" of his epiphany.